What Is Money?

Raphaël Didier and Thomas Lagoarde-Segot ()
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Raphaël Didier: Université de Lorraine
Thomas Lagoarde-Segot: KEDGE Business School and SDSN France

Chapter Chapter 3 in Ecological Money and Finance, 2023, pp 59-87 from Springer

Abstract: Abstract Very few social institutions are as essential to the functioning of human societies as money. Money can be compared to the oil in the engine of the modern economy. Without a sufficient quantity of money, the engine ‘seizes up’ (and is often irreparable); conversely, too much money can flood the engine (which must then be purged to function normally)). This chapter seeks to set the foundations for the study of money and finance by offering insight from neoclassical, Post-Keynesian and institutionalist monetary theories. All concepts are illustrated using examples taken from ancient and recent international monetary and financial history. The reader will get acquainted with the various functions of money and their relative importance, and discover the connection between debt, credit and money using double-entry accounting mechanisms. This analysis sets the ground for an informed discussion of the various historical forms of monetary sovereignty and monetary contestation.

Date: 2023
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DOI: 10.1007/978-3-031-14232-1_3

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